Business News
Judge hands Imperial Oil defeat in bid to build Kearl oilsands mine
CALGARY - Imperial Oil Ltd. (TSX:IMO) has been handed a defeat in its bid to build the $8-billion Kearl oilsands mine in Northern Alberta. Federal Judge Douglas Campbell has dismissed Imperial's ap...
Freddie Mac loses US$151M in first quarter, but beats expectations
U.S. mortgage finance company Freddie Mac said Wednesday its first quarter loss widened to US$151 million as the U.S. housing market worsened, though the results were not as poor as expected. Its shar...
U.S. gas price above $3.75 a gallon; oil falls on mixed supply report
NEW YORK - U.S. gas prices roared above US$3.75 a gallon Wednesday, while oil prices fell as a U.S. Energy Department report painted a mixed picture of the nation's petroleum reserves. At the pump,...
U.S. Inflation pressures ease despite biggest food price jump in 18 years
WASHINGTON - Inflation pressures eased a bit in April despite the biggest jump in food prices in 18 years. The Labour Department reported Wednesday that consumer prices edged up 0.2 per cent last m...
Bankers Petroleum to split Albanian and U.S. operations into separate companies
CALGARY - Bankers Petroleum Ltd. (TSX:BNK, AIM:BNK) said Wednesday it is spinning its Albanian heavy oil and North American shale gas businesses off into two different companies - mere days after one ...
Delta pilots approve contract revisions raising pay, benefits
ATLANTA - Delta Air Lines Inc. pilots voted overwhelmingly in favour of changes to their contract that will give them pay raises, an equity stake and other benefits, but also will give management more...
Ex-Fed chair: investment banks need to be under stricter rules
WASHINGTON - Investment banks should be regulated more like commercial banks if they're going to get the same kind of help from Washington, former U.S. Federal Reserve chairman Paul Volcker said Wedne...
Royal Bank taking $855M in writedowns on 'market conditions'
TORONTO - Royal Bank of Canada (TSX:RY) will be hit by $855 million in writedowns "relating to market conditions" as part of its second-quarter results. The writedowns will be worth $420 million af...
Ontario will give GM more money, despite layoffs in Windsor, Oshawa: McGuinty
TORONTO - Ontario's Liberal government is prepared to give General Motors more taxpayers' money for new projects, despite thousands of layoffs recently announced by an automaker that has already recei...
Chances have increased that BCE deal may be re-priced lower, analyst says
MONTREAL - A late agreement between Clear Channel and its banks has increased the odds that the US$52-billion privatization of BCE Inc. (TSX:BCE) may be re-priced lower, an analyst said Wednesday. ...
Sun Life sees boost from China and India offsetting headwinds in North America
TORONTO - Sun Life Financial Inc. (TSX:SLF) is well positioned to grow in China and India, offsetting economic headwinds in North America that dragged down its latest financial results, chief executiv...
Financials send TSX higher as RBC takes $855 writedown; NY up
TORONTO - The financial sector powered the Toronto stock market to a gain of around 100 points late Wednesday morning as investors breathed a sigh of relief after Royal Bank (TSX:RY) announced a big w...
Stocks mixed as RBC writes down $855M; U.S. inflation tamer than expected
TORONTO - The Toronto stock market was higher early Wednesday even as Royal Bank (TSX:RY) announced a big writedown and oil prices stepped back. New York markets were also positive after U.S. infla...
US foreclosure filings surge 65 per cent in April, home values slide
LOS ANGELES - More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 per cent versus the same month last year and contributing to a deep...
Sony posts fourth-quarter profit, smaller PlayStation 3 loss
TOKYO - Sony swung to a profit of US$277 million for its fourth fiscal quarter on Wednesday, a reversal from a year ago as losses dwindled for its struggling PlayStation 3 video game business and it g...
Positive U.S. inflation data sets the stage for higher open on stock markets
TORONTO - Stock markets looked to open slightly higher Wednesday morning as U.S. inflation pressures eased in April despite the biggest jump in food prices in 18 years. The U.S. Labour Department r...
Inflation pressures ease in the United States despite food price jump
WASHINGTON - Inflation pressures eased a bit in the United States in April despite the biggest jump in food prices in 18 years. The U.S. Labour Department reported Wednesday that consumer prices ed...
CAE profit up 20 per cent to $152.7M; revenue up 14 per cent to $1.42B
MONTREAL - CAE Inc. (TSX:CAE) has reported a 20 per cent rise in full-year net profit to $152.7 million as revenue advanced 14 per cent to $1.42 billion. Earnings in the flight simulator company's ...
Canadian Helicopters posts deeper pretax loss of $2.4 million in first quarter
MONTREAL - Canadian Helicopters Income Fund (TSX:CHL.UN) said Wednesday its pretax losses deepened to $2.4 million in the first quarter as costs rose primarily from higher employee compensation. Th...
N.L leads in labour productivity growth in 2007; Alberta has largest decline
OTTAWA - Newfoundland and Labrador led the country in labour productivity growth in 2007, while Alberta had the largest decline. Conventional crude-oil extraction influenced both developments. B...
Oil prices steady after overnight record near US$127 a barrel
VIENNA, Austria - Oil prices were steady Wednesday after moving back from an overnight trading record near US$127 a barrel on concerns that Iran may consider cutting oil production. Iranian officia...
ING Canada Q1 profit slumps to $23M from $126M, hit by weather, stock markets
TORONTO - ING Canada Inc. (TSX:IIC) has reported a sharp drop in first-quarter net income to $23 million, compared with $126.2 million a year earlier, blaming turbulent weather and stock markets. T...
U.S. foreclosure filings surge 65 per cent in April
LOS ANGELES - More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 per cent versus the same month last year and contributing to a deep...
Stock outlook shaky on worries about U.S. housing and overall inflation
TORONTO - Wall Street stock index futures pointed to a lower open Wednesday after more bad news from the crumbling American housing sector, while overseas equity markets were mixed. Traders were ca...
ING Groep Q1 profit down 19 per cent as insurance investment earnings slump
AMSTERDAM, Netherlands - ING Groep NV reported a 19 per cent decline in first-quarter profits Wednesday and wrote down the value of its U.S. mortgage-related investments by US$5.6 billion. However,...
Lottery results for Wed, May 14
